Coinbase, Robinhood, and the Race to Put Stocks on the Blockchain

Key Points

1. Spot Bitcoin ETFs hold actual Bitcoin, not derivatives, with Coinbase serving as custodian for 9 out of 12 ETFs.

2. Coinbase posted record results in 2024, with analysts predicting a massive 2025, while Robinhood gained ground with a different approach.

3. ETF adoption shifted crypto platforms' revenue models, reducing reliance on trading fees and increasing infrastructure services.

4. BTCS Inc. exemplifies a pure-play crypto business model, holding significant Bitcoin and Ethereum through strategic financing.

5. Institutional behavior shows crypto being treated as a standard asset class, with regulatory frameworks providing clarity and stability.